July RMLS Market Analysis

July RMLS Market Analysis

MLS numbers for July are out. Here's our take:

The mixed bag of activity we’ve seen so far this year in the Portland Real Estate Market continued into July. When we compare this July to July of last year, we see that new listings and pending sales were both down, but closed sales increased along with the Median Home Price. Typically prices peak in June or July each year and this year was no different, though 2019’s peak ($420,000) was only 0.5% higher than 2018 ($417,900). In previous years we’ve seen increases of 5.8% and 9.12% respectively, so an increase of less than 1% is yet another indication of a softening local market.

That said, prices are still increasing, albeit slowly and inventory fell slightly this month after a large increase last month. As we head into the fall, then winter months we expect to see prices continue to fall compared to the high of June. This is the typical seasonal cycle we see every year and in and of itself is not indicative of a falling market. As we head toward the final quarter of the year we'll continue to look at the monthly numbers in context with both annual and year-over-year changes.